The Mosaic Company (MOS) Cash Flow Statement
Where MOS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $824.8M −36.5% vs 2024
- Capital expenditures
- $1.36B 11.3% of revenue
- Free cash flow
- −$534.6M −4.4% margin
- Returned to shareholders
- $280.4M
- Change in cash
- −$6.4M cash at year-end $298.6M
Cash from operations
$824.8M
Capital expenditures
−$1.36B
Acquisitions & other
+$49.9M
Dividends
−$280.4M
Net borrowing (repayment)
+$642.5M
Other financing
+$89.9M
Currency & other
+$26.3M
Change in cash
−$6.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MOS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MOS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.27B2016 | $824.8M2025 | −4.7%/yr | |
| Capital expenditures | $843.1M2016 | $1.36B2025 | +5.5%/yr | |
| Free cash flow | $423.0M2016 | −$534.6M2025 | — | |
| Free cash flow margin | 5.9%2016 | −4.4%2025 | −10.3 pts | |
| Operating cash flow / net income | 4.202016 | 1.432025 | −2.77 | |
| Stock-based compensation | $30.5M2016 | $30.7M2025 | +0.1%/yr | |
| Dividends paid | $385.1M2016 | $280.4M2025 | −3.5%/yr | |
| Share buybacks (net) | $75.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 11.8%2016 | 11.3%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MOS cash flow by activity
OperatingInvestingFinancingChange in cash
MOS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
MOS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $575.4M | $202.0M | $1.16B | $3.61B | $1.63B | $665.6M | −$1.09B | $469.9M | −$104.2M | $301.2M |
| Depreciation & amortization | $1.05B | $1.03B | $960.6M | $933.9M | $810.1M | $948.5M | $1.50B | $883.9M | $665.5M | $711.2M |
| Stock-based compensation | $30.7M | $31.8M | $37.8M | $27.9M | $29.5M | $17.8M | $27.9M | $27.5M | $28.0M | $30.5M |
| Change in working capital | −$601.7M | $21.1M | $401.7M | −$992.5M | −$629.7M | $526.9M | −$19.4M | −$21.7M | −$316.9M | $314.2M |
| Other non-cash items | −$229.5M | $18.8M | −$157.8M | $352.3M | $342.2M | −$576.2M | $682.3M | $91.0M | $663.1M | −$91.0M |
| Cash from operating activities | $824.8M | $1.30B | $2.41B | $3.94B | $2.19B | $1.58B | $1.10B | $1.45B | $935.5M | $1.27B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.36B | −$1.25B | −$1.40B | −$1.25B | −$1.29B | −$1.17B | −$1.27B | −$993.3M | −$820.1M | −$843.1M |
| Investments (net) | — | −$1.26B | −$1.30B | −$1.26B | −$2.4M | −$1.19B | −$37.6M | −$17.2M | −$130.2M | −$1.04B |
| Acquisitions & other investing | $49.9M | $1.25B | $1.38B | $1.25B | −$31.3M | $1.17B | −$51.1M | −$973.0M | $282.5M | $836.7M |
| Cash from investing activities | −$1.31B | −$1.26B | −$1.32B | −$1.26B | −$1.32B | −$1.19B | −$1.36B | −$1.98B | −$667.8M | −$1.05B |
| Financing activities | ||||||||||
| Dividends paid | −$280.4M | −$270.7M | −$351.6M | −$197.7M | −$103.7M | −$75.8M | −$67.2M | −$38.5M | −$210.6M | −$385.1M |
| Share repurchases & issuance (net) | $0 | −$235.4M | −$756.0M | −$1.67B | −$410.9M | −$32.8M | −$149.9M | $0 | $0 | −$75.0M |
| Net borrowing (repayment) | $642.5M | $256.3M | $79.8M | −$407.1M | −$336.9M | −$83.6M | $135.6M | −$680.9M | $1.41B | −$432.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $89.9M | $117.9M | −$452.7M | −$408.7M | $169.4M | −$91.6M | −$700,000 | −$5.4M | −$700,000 | $3.5M |
| Cash from financing activities | $452.0M | −$131.9M | −$1.48B | −$2.68B | −$682.1M | −$283.8M | −$82.2M | −$724.8M | $1.20B | −$888.6M |
| Summary | ||||||||||
| Net change in cash | −$6.4M | −$55.8M | −$393.3M | −$32.2M | $191.9M | $62.1M | −$338.7M | −$1.32B | $1.48B | −$603.2M |
| Cash at end of period | $298.6M | $305.0M | $360.8M | $754.1M | $786.3M | $594.4M | $532.3M | $871.0M | $2.19B | $673.1M |
| Free cash flow | −$534.6M | $47.4M | $1.00B | $2.69B | $898.4M | $412.0M | −$176.8M | $457.3M | $115.4M | $423.0M |
| Free cash flow margin | −4.4% | 0.4% | 7.3% | 14.1% | 7.3% | 4.7% | −2.0% | 4.8% | 1.6% | 5.9% |
| Capex / revenue | 11.3% | 11.3% | 10.2% | 6.5% | 10.4% | 13.5% | 14.3% | 10.4% | 11.1% | 11.8% |
| Operating cash flow / net income | 1.43 | 6.43 | 2.07 | 1.09 | 1.34 | 2.38 | — | 3.09 | — | 4.20 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$265.5M | −$254.5M | −$518.4M | $424.1M | $419.7M | $250.0M | $169.0M | $122.2M | −$161.5M | $45.2M | $368.0M | −$4.2M |
| Depreciation & amortization | $292.1M | $316.6M | $268.2M | $277.0M | $261.7M | $275.2M | $282.1M | $264.7M | $291.3M | $268.3M | $257.7M | $702.9M |
| Stock-based compensation | $7.8M | $10.3M | $6.5M | $6.5M | $8.4M | $9.3M | $5.1M | −$21.2M | $11.9M | $9.3M | $6.0M | $6.0M |
| Change in working capital | −$216.3M | −$71.4M | −$171.9M | −$431.0M | $223.6M | −$391.5M | $31.0M | $183.2M | $270.4M | −$463.5M | $277.9M | −$238.7M |
| Other non-cash items | $349.3M | $103.2M | $359.5M | −$48.1M | −$303.9M | −$100.1M | −$267.9M | −$236.0M | $434.9M | $60.7M | −$371.5M | $181.4M |
| Cash from operating activities | $167.4M | $104.2M | −$56.1M | $228.5M | $609.5M | $42.9M | $219.3M | $312.9M | $847.0M | −$80.0M | $538.1M | $647.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$320.3M | −$356.8M | −$349.6M | −$364.4M | −$304.6M | −$340.8M | −$294.1M | −$240.8M | −$333.9M | −$383.0M | −$358.9M | −$411.7M |
| Investments (net) | — | — | — | −$362.9M | −$318.5M | −$340.8M | −$276.5M | −$247.7M | −$349.0M | −$387.8M | −$362.2M | −$422.1M |
| Acquisitions & other investing | $22.2M | −$12.2M | $62.3M | $364.4M | $304.6M | $340.8M | $294.1M | $240.8M | $333.9M | $383.0M | $358.9M | −$121.2M |
| Cash from investing activities | −$298.1M | −$369.0M | −$287.3M | −$362.9M | −$318.5M | −$340.8M | −$276.5M | −$247.7M | −$349.0M | −$387.8M | −$362.2M | −$955.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$69.9M | −$70.8M | −$69.9M | −$69.5M | −$70.1M | −$70.9M | −$66.5M | −$66.8M | −$67.7M | −$69.7M | −$65.1M | −$66.4M |
| Share repurchases & issuance (net) | — | — | $0 | $0 | $0 | $0 | −$25.0M | −$50.0M | −$52.0M | −$108.4M | −$150.0M | −$150.0M |
| Net borrowing (repayment) | $177.8M | $325.3M | $486.9M | $199.0M | −$217.5M | $174.1M | $160.0M | $157.6M | — | — | — | $55.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $39.6M | $8.5M | $44.4M | −$125.7M | $2.4M | $168.8M | −$31.8M | −$178.7M | −$368.9M | $636.0M | −$195.6M | −$93.4M |
| Cash from financing activities | $147.5M | $263.0M | $461.4M | $3.8M | −$285.2M | $272.0M | $36.7M | −$137.9M | −$488.6M | $457.9M | −$410.7M | −$254.2M |
| Summary | ||||||||||||
| Net change in cash | $6.8M | $400,000 | $121.3M | −$125.1M | $23.7M | −$26.3M | −$27.1M | −$18.2M | $3.2M | −$13.7M | −$241.0M | −$39.0M |
| Cash at end of period | $305.8M | $299.0M | $298.6M | $177.3M | $302.4M | $278.7M | $305.0M | $332.1M | $350.3M | $347.1M | $360.8M | $601.8M |
| Free cash flow | −$152.9M | −$252.6M | −$405.7M | −$135.9M | $304.9M | −$297.9M | −$74.8M | $72.1M | $513.1M | −$463.0M | $179.2M | $235.7M |
| Free cash flow margin | −5.4% | −8.4% | −15.6% | −3.9% | 10.1% | −11.4% | −2.7% | 2.6% | 18.2% | −17.3% | 5.7% | 6.6% |
| Capex / revenue | 11.3% | 11.9% | 13.4% | 10.6% | 10.1% | 13.0% | 10.4% | 8.6% | 11.9% | 14.3% | 11.4% | 11.6% |
| Operating cash flow / net income | — | — | — | 0.54 | 1.45 | 0.17 | 1.30 | 2.56 | — | −1.77 | 1.46 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
MOS cash generation
In fiscal 2025 (ended December 31, 2025), Mosaic generated $824.8 million of cash from operations (down 36.5%) and spent $1.4 billion on capital expenditures, leaving free cash flow of -$534.6 million, −4.4% of revenue. It returned $280.4 million to shareholders through dividends ($280.4 million) and net share buybacks ($0). Cash and equivalents fell by $6.4 million over the year.
Related: MOS income statement, MOS balance sheet, MOS dividend history. See the MOS stock overview for the latest quote and news.
MOS cash flow FAQ
What is Mosaic's free cash flow?
Mosaic's free cash flow was -$534.6 million in fiscal 2025: $824.8 million of operating cash flow minus $1.4 billion of capital expenditures It was $47.4 million a year earlier..
How much cash does Mosaic generate from operations?
Mosaic generated $824.8 million of cash from operating activities in fiscal 2025, 1.43 times its net income of $575.4 million.
How much does Mosaic spend on capital expenditures?
Mosaic spent $1.4 billion on capital expenditures in fiscal 2025, 11.3% of revenue, compared with $1.3 billion the year before.
How much does Mosaic pay in dividends?
Mosaic paid $280.4 million in dividends in fiscal 2025.